'Inflation was the most important problem facing Elizabeth I.' How far do you agree?

Three most notable problems facing Elizabeth from 1558-1603 was that of inflation, the war with Spain, and religious divisions. Looking into these issues, it can be seen that although religion and inflation were significant, it was the war with Spain that exacerbated these issues and was thus the most important. The methods put in place by Elizabeth to combat inflation, such as revaluing the coinage in 1560 to counter the legacy of debasement that she inherited, shows that it was an issue, especially since these methods did not have immidiate positive effects due to the high prices laid out by merchants. Additionally population rise meant that inflation increased social issues such as vagrancy and poverty that were already prevalent, particularly during the years of famine in the late 1580s and 1590s, which in turn increased food prices and further increased inflation. This cyclic nature of the issue suggests that it was a significant problem facing Elizabeth. However the huge financial difficulties of war with Spain, which also invigorated the £2million campaign in Ireland, was an instrumental contributor to inflation and greatly exacerbated the problem, since before the war Elizabeth's government was solvent, yet by 1603 had incurred a debt of £350,000. Similar paragraphs discussing the issue of war with Spain and foreign policy, and religious division, followed by a concluding paragraph.